Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 Fresh Foods established a petty cash fund of $94 on January 2. On January 31, the fund contained cash of $9.40 and vouchers for the following cash payments: Maintenance expense Office supplies Transportation expense $28.20 37.60 18.80 The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the fund Assume the Company uses the alternative approach to petty cash expense recognition and replenishment Required Show each of the four events in the following horizontal statements model (Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA). financing activity (FA), or leave the cell blank if there is no effect. Round your answers to 2 decimal places.) FRESH FOODS Horizontal Statements Model
Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 Fresh Foods established a petty cash fund of $94 on January 2. On January 31, the fund contained cash of $9.40 and vouchers for the following cash payments: Maintenance expense Office supplies Transportation expense $28.20 37.60 18.80 The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the fund Assume the Company uses the alternative approach to petty cash expense recognition and replenishment Required Show each of the four events in the following horizontal statements model (Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA). financing activity (FA), or leave the cell blank if there is no effect. Round your answers to 2 decimal places.) FRESH FOODS Horizontal Statements Model
Century 21 Accounting General Journal
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Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
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![Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4
Fresh Foods established a petty cash fund of $94 on January 2. On January 31, the fund contained cash of $9.40 and vouchers for the
following cash payments:
Maintenance expense
Office supplies
Transportation expense
The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements
made to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the fund
Assume the Company uses the alternative approach to petty cash expense recognition and replenishment
Required
Show each of the four events in the following horizontal statements model (Enter any decreases to account balances with a minus
sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA),
financing activity (FA), or leave the cell blank if there is no effect. Round your answers to 2 decimal places.)
No
1234
Cash
Assets
+ Petty Cash
+
Balance Sheet
+
++
$28.20
37.60
18.80
U
FRESH FOODS
Horizontal Statements Model
Stockholders'
Equity
Retained
Earnings
Revenue
Income Statement
Expense
Net Income
Statement of Cash
Flows](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0de61ef5-5fa2-4e83-ab23-02bebfdf8d09%2F7a87e064-b7af-4204-8e2b-b2def2132c8e%2Feqcujzp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4
Fresh Foods established a petty cash fund of $94 on January 2. On January 31, the fund contained cash of $9.40 and vouchers for the
following cash payments:
Maintenance expense
Office supplies
Transportation expense
The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements
made to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the fund
Assume the Company uses the alternative approach to petty cash expense recognition and replenishment
Required
Show each of the four events in the following horizontal statements model (Enter any decreases to account balances with a minus
sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA),
financing activity (FA), or leave the cell blank if there is no effect. Round your answers to 2 decimal places.)
No
1234
Cash
Assets
+ Petty Cash
+
Balance Sheet
+
++
$28.20
37.60
18.80
U
FRESH FOODS
Horizontal Statements Model
Stockholders'
Equity
Retained
Earnings
Revenue
Income Statement
Expense
Net Income
Statement of Cash
Flows
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